Art Basel owner backs off from its regional fairs
***3 November, 9:03pm UPDATE FROM TIM ETCHELLS****
I have been asked to share the following on Art SG
"Whilst we were very sorry to learn of MCH’s decision, MontgomeryArts and Tim Etchells will be proceeding with the fair as planned with the inaugural edition at Marina Bay Sands opening on 31 October 2019. We are delighted that Magnus Renfrew will now be joining us as a shareholder for ART SG. This will continue our successful partnership we had with him whilst developing Art HK, now Art Basel Hong Kong. It also extends the partnership we currently have with Magnus Renfrew and Taipei Dangdai which will be staged for the first time next January with a very strong gallery line up. For Art SG, we also have an experienced Fair Director with local knowledge who we will be announcing shortly.’
- Tim Etchells
***** My comments at 4pm *****
NOW THIS IS GOING TO BE INTERESTING TO WATCH. ArtSG may not happen.
Profound changes are not only seen in the gallery scene but also in art fairs. Brace yourself for the ride.
“In addition to selling its shares in Art Düsseldorf and the India Art Fair, the group will not participate in Singapore’s new Art SG, the first edition of which was planned for the fall of 2019.
...the decision to pull out of certain art fairs is part of a strategic review of its initiatives and investments intended to stabilise the company in light of the “profound transformation required to meet the fundamental changes coming about in the exhibition and event industry.
Since 2017, MCH has held a 25.1% share in Art Düsseldorf and a controlling 60.3% stake in the India Art Fair, both of which it will now divest. The company says the sustainability or possibility of various other national fairs is at stake and will be decided within the next few months.“
Read the story here.